(Medeshi) – A company named Pontus Marine Limited to trade by shares for the development of the fisheries business in Somaliland was launched today at the People’s Palace Hall at Queen Mary University in East London. The executive director of the company Mr. Mohamed Yusuf who also owns the Invicta Capital Limited said that the company was being launched after a through research and a feasibility study that showed the prospectus of potential fishing business in the ports of Maydh in Sanaag and Bebera in Saahil of Somaliland. The company will start the first phase of the work from Maydh port where the company will initially use pontoons as a temporary service while the port is being developed .
Mr Yusuf said that ” although this is unique business initially based in Somaliland , it will eventually extend along the coast to Somalia in the future”.
The company decided to establish a fisheries operation in the Gulf of Aden ( initially based in Maydh and Berbera) which is one of the most productive phytoplankton and zooplankton areas in the world, sustaining rich feeding and nursery grounds for more than 600 fish species , including high value species like tuna, lobster, cuttlefish, shrimps, shark and many more…
The company is offering the Somaliland public to buy shares valued at $1 a share with no maximum limit until the target of $5 million is raised. The share taking will be based on first come first served which means that those that buy the shares early will get the top shares depending on the value of the shares that they buy . The company is expected to generate profit during the second year of its formation as the first year will be the formation of the business in Somaliland and building the infrastructure as well procuring the necessary equipment such as industrial refrigerators , delivery vans and trucks in addition to building cold storage warehouses. Berabera will be the main export hub of the fisheries and all infrastructure to sustain the export will be in place at the end of the first year of the company.
The fisheries business will target the Somaliland consumers first, seconded by the 85 Million people of Ethiopian market . Ethiopia has promised to give fishing export licence to the company and has encouraged the establishment of the business although it has not invested in Pontus fisheries business. Other markets are expected to be The UAE, Saudi Arabia and China in the long run.
Last receipt of completed applications and subscription monies will be on the 30th Oct 2013 . Closing date will be 31st of Oct 2013.
For more information contact ; Pontus Marine Limited
33, St James’s square , London, SW1Y 4JS
Photos from the event:
|Mr . Mohamed Yusuf , the executive director of Pontus and Invicta presents the business programme of the project|
|Queen Mary University Campus – East London|
|Sultan Mohamud talks about the need for the fisheries business – Photo by Medeshi|